Quote:
Originally Posted by PornMD
BAC has been taking a hammering lately due to Countrywide (seriously, what a stupid fucking acquisition that was!) and they just got downgraded 2 levels in credit rating - that plus apparently now government is shying away from bailing out the "too big to fail" entities, so if shit hits the fan for BAC...
Certainly there's high potential upside, but look - WAMU was hugely popular and "successful" until all of a sudden they weren't and they went belly up. Just not sure I'd hitch a rideo n the likes of BAC at this point. I keep thinking they won't go lower and then they do.
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Yep, I ate a big shit sammich with WAMU, I made them my long shot play of 2008/9 and rode that to the penny stocks.
BAC hit $6.01 a few weeks ago and then peeked over $8... seems to hit lows and then bounce back to the mid to upper 7's over the past few months, that's some serious 20% magic returns with a little patience and ballz of steel.
I actually have a buy limit order on BAC at $6.01 but it never hit it today, thought it would.
In these markets you gotta be nimble in and out and be a trader to hit your yearly goals... making my 20% this year is gonna end up costing me 100+ trades where as last year I made 12 trades all together and ended up 21%.
P.s. GNW another financial just hit a 2 year low :
http://www.google.com/finance?q=gnw